HOME INSURANCE
Home insurance also known as property insurance or homeowner insurance covers the structure as well as the content of the home from unexpected loss or damage caused due to theft, natural calamity, fire accident, etc. A home insurance policy provides coverage for your own house, rented house, apartment or luxury mansion as well.
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Benefits & Features of Home Insurance
Here are several benefits and features of a home insurance policy.
It goes without saying that the earlier you start saving, the better. Therefore, start by considering your age when you start saving. For instance, if you are 30 years old and investing around 20-30% of your monthly income, you will be able to save sufficient funds.
Next, evaluate your monthly expenses, credit card bills, EMIs, and other daily expenditure so you can get by with your savings comfortably during retirement.
When it comes to retirement planning and savings, it is also vital to consider all your long-term investments, as it will give you a clear idea of how much savings will be sufficient once you retire.
Lastly, think about the lifestyle you wish to lead post-retirement. For instance, if you plan on travelling/exploring new countries after retirement, you might need a larger savings fund. However, if you wish to stay indoors and spend time with your loved ones, you can get by with less. Regardless, it is crucial to have sufficient financial backup for emergencies.
Types of Home Insurance Polices
Home insurance in India, generally, the following types of home insurance policies are offered, which are:
Standard Fire and Special Perils Policy
A Standard Fire and Special Perils essentially provide cover to the home against any loss/damage incurred due to any natural calamity such as earthquake, volcanic eruption, etc man-made calamity, any missile testing operations, overflowing of water from tanks, pipes, and so on.
Public Liability Coverage
On the off chance, there is a possibility that any of the guests or any third-party may encounter any loss or damage caused either to them or the property within the insureds house. Under such circumstances, this house insurance comes at your rescue.
Burglary and Theft
In case of any robbery or theft that happens in the insured house causing damage to the contents present in the house, this house insurance policy provides cover for the equivalent.
Personal Accident
This house insurance protects you and your family. In an unfortunate event such as an accident or any physical injury incurred anywhere across the globe, which led to a permanent disablement or demise of the insured person then the compensation for the same shall be provided.
Exclusion in Home Insurance
Loss or damage caused by wear & tear and depreciation
Loss of cash
Loss or damage caused by war, invasion, the act of a foreign country
Loss or damage caused by nuclear war
Loss, destruction or damage caused to any electronic equipment due to over-running or excessive pressure
Anypre-existing damage such as wear and tear of any other defect.
Earths Movement: Damages that occurred due to volcanic actions of erosion is in many cases not included.
Why You Should Buy Home Insurance Policy ?
When you are a homeowner, it is important to secure your home from every possible peril. Let us understand some reasons, which make buying house insurance a necessity:
First things first, house insurance is important as it protects your dwelling from any damage/loss that may incur at any point in time . For instance, if a tree fell upon the roof of your house or a vehicle collided with the boundary wall of your home premises, the right type of property insurance will cover the incurred expenses.
On the off chance, if you intend to take a loan to either construct a house or buy a house the bank will ask you to provide evidence that the property is insured on, which you are looking forward to taking a loan.
In case, if a third-person suffers any kind of injury while on your property, having a home insurance policy will secure you from any legal and third-party liabilities.
In case of damage occurs to the insured property, having the right property insurance will provide cover for the repair expenses
It also provides cover for the appliances such as air conditioners, refrigerators, television, microwaves and other electrical appliances, furniture and furnishings and at times the jewellery as well depending on the type of house insurance plan you choose.
How to Buy Best Health Insurance Plans from BIMAFINSERV ?
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Bimafinserv.com helps you to compare numerous health insurance plans and zero down on the plan that best fulfills your needs. Moreover, the post-sale services are extended to the customers online as well even at the time of medical insurance claim.
